Registered number
08582675
PREMIER PRODUCTION LIMITED
Unaudited Filleted Accounts
30 June 2023
PREMIER PRODUCTION LIMITED
Registered number: 08582675
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 317,352 199,409
Current assets
Debtors 4 212,742 172,871
Cash at bank and in hand 14,594 224
227,336 173,095
Creditors: amounts falling due within one year 5 (280,329) (203,203)
Net current liabilities (52,993) (30,108)
Total assets less current liabilities 264,359 169,301
Creditors: amounts falling due after more than one year 6 (49,691) (56,361)
Provisions for liabilities (45,000) (24,500)
Net assets 169,668 88,440
Capital and reserves
Called up share capital 1 1
Profit and loss account 169,667 88,439
Shareholder's funds 169,668 88,440
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M D Bailey
Director
Approved by the board on 19 February 2024
PREMIER PRODUCTION LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 3 years
Motor Vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 385,922 - 385,922
Additions 173,935 33,735 207,670
At 30 June 2023 559,857 33,735 593,592
Depreciation
At 1 July 2022 186,513 - 186,513
Charge for the year 84,105 5,622 89,727
At 30 June 2023 270,618 5,622 276,240
Net book value
At 30 June 2023 289,239 28,113 317,352
At 30 June 2022 199,409 - 199,409
4 Debtors 2023 2022
£ £
Trade debtors 174,738 144,679
Other debtors 38,004 28,192
212,742 172,871
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 10,017 -
Trade creditors 91,579 101,659
Taxation and social security costs 57,886 21,875
Other creditors 110,847 69,669
280,329 203,203
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,000 30,000
Obligations under finance lease and hire purchase contracts 14,191 -
Other creditors 15,500 26,361
49,691 56,361
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 24,208 -
The hire purchase creditor is secured over the assets to which they relate.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 216,860 326,808
9 Controlling party
The company is controlled by M D Bailey who owns 100% of the issued share capital.
10 Other information
PREMIER PRODUCTION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 45 Gravelly Industrial Park
Birmingham
West Midlands
B24 8TG
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